‘Indian pharma market will grow to $33 b by 2020’

The domestic pharmaceuticals market was valued at $15.4 billion in 2014 and is expected to expand at a compound annual growth rate (CAGR) of 13.3 per cent to about $33 billion by 2020, according to a report by Assocham and market research firm RNCOS.

The report was released at a conference Quality Management in Pharmaceuticals Manufacturing, held here on Wednesday by Assocham and the Union Chemicals and Fertilisers Ministry’s Department of Pharmaceuticals.

The conference was also supported by the Goa Chamber of Commerce and Industry and Goa Pharmaceutical Manufacturers’ Association.

“Goa is the

numero uno State in maintaining high quality standards of pharma manufacturing and has the strictest quality control in the country,” said Goa’s Deputy CM Francis D’Souza.

National hub Assocham officials said the Centre has been supporting SMEs through several incentives including the establishment of drug manufacturing SME clusters in various parts of the country.

Goa is emerging as a major pharma hub, and is a preferred choice of overseas customers while sourcing from India, they added.

Goa is home to 78 major pharma companies, which have significant investments in the State.

Salim Veljee, Director of FDA Goa, said the State doesn’t allow the manufacture of active pharmaceutical ingredients. The focus is on formulations, he added.